A new CTUP economic study released today and highlighted in today’s Wall Street Journal calculates that the U.S. would be producing two to three million barrels of oil a day if the Trump energy policies were intact. The study by CTUP economists Stephen Moore and Casey Mulligan finds that Biden’s policies of canceling pipelines, reducing drilling permits, and establishing anti-fossil fuel EPA rules are costing the US economy almost $2 billion a week.
If the Trump policies were still in place US oil production would be nearly five times higher than the amount of oil depleted from the Strategic Petroleum Reserve. The SPR is at its lowest level since the Summer of 1984.
As the WSJ put it: “If gas prices rise between now and the election, Americans will know who to blame.”